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Pennon Group HY Profit From Cont. Opns Down

Pennon Group (PNN.L) reported that its profit from continuing operations for the first half of 2020/21 declined to 50.4 million pounds from 93.9 million pounds in the prior year.

Profit attributable to ordinary shareholders of the parent was 1.77 billion pounds or 418.8 pence per share compared to 126.6 million pounds or 30.0 pence per share in the previous year. The latest-period results included the profit from the sale of Viridor and non-underlying charges in discontinued operations resulting from the restructuring of debt that was drawn to fund Viridor's growth program.

Underlying profit before tax was 86.7 million pounds compared to 101.4 million pounds in the previous year. Continuing Group underlying earnings per share down 10.9% to 17.9 pence.

Underlying EBITDA lower at 174.5 million pounds from 191.5 million pounds reflecting the K7 revenue reset and the impact of COVID-19, including reduced developer activity during lockdown.

Revenue for the period was 299.2 million pounds, down from 325.8 million pounds in the prior year.

Underlying revenue declined to 319.7 million pounds from last year's 325.8 million pounds, due to the impact of the K7 revenue reset, a reduction in water usage and other services by non-household customers as a result of the COVID-19 lockdown, partially offset by high household demand and contract wins for Pennon Water Services.

For the first-half of 2020/21, the company has declared an interim dividend of 6.77 pence for the Continuing Group. The interim dividend will be paid on 1 April 2021 to shareholders on the register on 29 January 2021.

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